Give, But Give Carefully

Fiscal Fitness

by Kara Gunderman

AVP/Sr. Community

Bank Associate, OCB

I’m proud to live in a community where people look after one another and support those in trouble. Think of all the times a family has faced a tragedy, and neighbors gathered together to do everything from donate money to arrange daily meals while the family got back on its feet.

Generosity is a good thing, but it can also get people into financial trouble. Sometimes, people wind up giving more than they can really afford. It’s hard for many of us to say no to charities and other groups that need our help.

Other people may fall prey to unscrupulous or aggressive organizations. For example, there are some charities that target senior citizens, knowing that most seniors are sympathetic to the needs of others. They’ll return for donation after donation, even if the senior is struggling to make ends meet. (If you help to care for an elderly relative or neighbor, keep an eye on his or her charitable giving to make sure nobody is taking unfair advantage of him or her.)

There are two things you can do to keep your giving manageable. First, set a monthly budget for what you can donate, and when you reach that amount, stop giving until the next month. It really is okay to say no. The second is to identify two or three favorite causes or charities, and limit your giving to them. That way, your money will work harder for the things that matter most to you.